Public pensions - Canada.ca (2024)

FAQs

How much is public pension in Canada? ›

For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in January 2024 was $831.92. Your situation will determine how much you'll receive up to the maximum.

If you have lived or worked in Canada and in another country, or you are the survivor of someone who has lived or worked in Canada and in another country, you may be eligible for pensions and benefits from Canada and/or from the other country because of a social security agreement.

A pension you can receive if you are 65 years of age or older and have lived in Canada for at least 10 years - even if you have never worked.

To receive the maximum CPP amount you must contribute to the CPP for at least 39 of the 47 years from ages 18 to 65.

Generally, you can qualify for a full OAS pension (the maximum benefit amount) if you have lived in Canada for at least 40 years after the age of 18. In some situations you may qualify for a full OAS pension without having 40 years of residence.

Because CPP is a "member-contributed plan" it will always be yours, regardless of where you live in the world. If you paid in at least 1 CPP contribution, you are entitled to a benefit. OAS, on the other hand, comes out of the general tax revenues.

Those who move outside of Canada can continue to receive their OAS pension, as long as they have been living in Canada for at least 20 years. The amount of the pension will not change, even if the cost of living is higher in their new country of residence.

You can apply for Canadian benefits (OAS, CPP or QPP) at any U.S. Social Security office by completing application form CDN-USA 1 (for OAS and CPP benefits) or QUE/USA-1 (for QPP benefits). Contact any Canadian or Quebec Social Security office.

Benefits by the numbers

These two government benefits alone will leave most Canadians with a large retirement income gap. If maintaining your current standard of living in retirement is important to you, government benefits alone likely won't meet your goals. A retirement nest egg can get you the rest of the way.

What benefits are seniors entitled to in Canada? ›

Under the Canada Pension Plan, a Survivor's pension can be paid to the person who, at the time of death, was the legal spouse or common-law partner of the deceased contributor. Benefits can also be paid to the surviving children of the contributor.

If you start before age 65, payments will decrease by 0.6% each month (or by 7.2% per year), up to a maximum reduction of 36% if you start at age 60. If you start after age 65, payments will increase by 0.7% each month (or by 8.4% per year), up to a maximum increase of 42% if you start at age 70 (or after).

Receiving your OAS pension outside of Canada

You can qualify to receive Old Age Security pension payments while living outside of Canada if one if these reasons applies to you: you lived in Canada for at least 20 years after turning 18. you lived and worked in a country that has a social security agreement with Canada.

$770 per month is the amount you can expect to get from CPP if you retire this year at 60, having worked your entire adult life prior to this year. Some variables may make your amount slightly greater or lesser.

The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. In most cases, Service Canada will be able to automatically enroll you for the OAS pension if sufficient information is available. Service Canada will inform you if you have been automatically enrolled.

Because CPP is a "member-contributed plan" it will always be yours, regardless of where you live in the world. If you paid in at least 1 CPP contribution, you are entitled to a benefit. OAS, on the other hand, comes out of the general tax revenues.